PIMCO will change U.S. short bet on recession: Gross

Since the April 11 news that Gross turned more bearish on Treasury debt, reflecting his growing worries over the country's fiscal deficit and debt burden, Treasury prices have been soaring.

On Friday Treasury prices fell though after a better than expected U.S. monthly employment report.

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Asked Friday Gross told Reuters: "Treasury yields are currently yielding substantially less than historical averages when compared with inflation. Perhaps the only justification for a further rally would be weak economic growth or a future recession that substantially lowered inflation and inflationary expectations."

The benchmark 10-year U.S. Treasury note was down 7/32, with the yield at 3.18 percent, on Friday. On April 11, the yield stood at 3.58 percent.